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Last year, Saudi stocks were flying high and investors were scrambling out of Turkish stocks. The two have switched places this year, as far as investors are concerned. After plunging nearly 50% in 2018, Turkey’s stock market is outperforming US equities, emerging markets and frontier markets. Last year’s winner, Saudi Arabia is lagging them all. Today’s report examines what has changed in those economies to cause such a reversal.

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